Author
Market Intelligence Specialist, Paystack
5 articles
Last year, we took a deep dive into African fintech in 2022, analyzing the key developments, recurring themes, and emerging trends that we anticipated would play a key role in the new year.
From the small airtime kiosk in Kumasi, Ghana, to the corner pharmacy in Ejigbo, Nigeria, a network of agents forms the backbone of the financial system that makes payments possible in Africa.
2022 marked another captivating chapter in African fintech as the sector navigated a rapidly evolving landscape. As avid observers and active participants, Decode Fintech and Paystack have had a front seat to these developments, giving us unique insights into the stories that defined the year.
Instant digital payment networks support trade and value exchange within and between countries worldwide. In Nigeria, one of those intricate systems is NIBSS Instant Payments (NIP), a payment service used by banks and other financial institutions to power real-time bank transfers for customers and businesses.
On April 11, 2022, the Central Bank of Nigeria granted MTN Nigeria final approval to operate a Payment Service Bank. A little over a month later, Nigeria’s largest telecommunications provider launched its MoMo Payment Service Bank (PSB) to the public, allowing its Nigerian customers create accounts, pay bills, send and receive money, and more, services which have been available to customers in other countries for years.
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